D560 WGU – Questions With Complete Solutions
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Practice questions for this set
Learn 1 /7 Study using Learn
Oval start/end; rectangle step; diamond decision; arrow flow.
Choose an answer
1 Process Map Symbols 2 Assurance, Insight, Objectivity
3 Objectivity 4 Reporting Objectives
Don't know?
Terms in this set (73)
Assurance, Insight, Objectivity Three words summarizing internal audit's value.
Definition of Internal Auditing Independent, objective assurance and consulting
activity that adds value and improves operations.
Strategic Objectives Objectives related to stakeholder interests.
Operations Objectives Objectives related to efficiency, effectiveness,
safeguarding resources.
, Reporting Objectives Internal/external reporting goals: reliability,
timeliness, transparency.
Compliance Objectives Adherence to laws and regulations.
Governance Responsibility Board is responsible for governance.
Risk Management Responsibility Management is responsible for risk management.
Control Responsibility Management performs control processes.
Assurance Engagement Three parties: auditor, auditee, user; IA sets scope.
Consulting Engagement Two parties: customer + IA; scope mutually agreed.
Independence Freedom from interference at IA function level.
Objectivity Unbiased mental attitude of individual auditor.
Engagement Planning Steps Understand auditee, set objectives, determine
evidence, define tests.
Communication Requirements Must be accurate, objective, clear, concise,
constructive, complete, timely.
Purpose of Internal Audit Enhance and protect value through risk-based and
objective assurance, advice, and insight.
Mandatory Guidance Components Core Principles, Code of Ethics, Standards, Definition.
Code of Ethics Principles Integrity, Objectivity, Confidentiality, Competency.
Core Principles Requirement All 10 Core Principles must be present for IA to be
effective.
Two Categories of Standards Attribute Standards and Performance Standards.
Save
Practice questions for this set
Learn 1 /7 Study using Learn
Oval start/end; rectangle step; diamond decision; arrow flow.
Choose an answer
1 Process Map Symbols 2 Assurance, Insight, Objectivity
3 Objectivity 4 Reporting Objectives
Don't know?
Terms in this set (73)
Assurance, Insight, Objectivity Three words summarizing internal audit's value.
Definition of Internal Auditing Independent, objective assurance and consulting
activity that adds value and improves operations.
Strategic Objectives Objectives related to stakeholder interests.
Operations Objectives Objectives related to efficiency, effectiveness,
safeguarding resources.
, Reporting Objectives Internal/external reporting goals: reliability,
timeliness, transparency.
Compliance Objectives Adherence to laws and regulations.
Governance Responsibility Board is responsible for governance.
Risk Management Responsibility Management is responsible for risk management.
Control Responsibility Management performs control processes.
Assurance Engagement Three parties: auditor, auditee, user; IA sets scope.
Consulting Engagement Two parties: customer + IA; scope mutually agreed.
Independence Freedom from interference at IA function level.
Objectivity Unbiased mental attitude of individual auditor.
Engagement Planning Steps Understand auditee, set objectives, determine
evidence, define tests.
Communication Requirements Must be accurate, objective, clear, concise,
constructive, complete, timely.
Purpose of Internal Audit Enhance and protect value through risk-based and
objective assurance, advice, and insight.
Mandatory Guidance Components Core Principles, Code of Ethics, Standards, Definition.
Code of Ethics Principles Integrity, Objectivity, Confidentiality, Competency.
Core Principles Requirement All 10 Core Principles must be present for IA to be
effective.
Two Categories of Standards Attribute Standards and Performance Standards.
